Quote:
Originally Posted by CurlsGalore
I had a 1099 job, and one of the benefits is that you can get a tax person (I have a CPA/CFA who is a friend, he would be happy to give you some tips and info about the way the taxes work if you want to email him) to take care of everything. Also, because you can write of everything as a contractor - your car maintenance and gas, car payment, public transportation, work clothes, manicures, pedicures, haircut, EVERYTHING you need to look professional. After all the write offs and deductions (oh, another good one is the business lunch...go out with a friend, tell her about your job, its a business lunch) I ended up paying no taxes at all. That year I also had a part time W2 job and got a refund. If you can figure out how to work the taxes with help from a tax pro and you like the job theres no reason not to take it. My mom didnt want me to take a 1099 job either because she had no idea how it worked and was worried I wouldnt be protected by the company, but once it was all explained she was on board. PM me if you want and I will give you Mikes email, he is AWESOME.
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Be careful, though...you cannot write off EVERYTHING...Meals and Entertainment, for example, are limited to 1/2 of what you pay in most instances...and not to scare you or anything but the IRS scrutinzes those who own their own businesses a little more than they scrutinize the average joe (who can only write off certain things). Also, you will still have to pay the social security tax, you cannot deduct your way out of that (like you can income tax) BUT!! You do get to deduct 1/2 of what you pay for social security and medicare taxes as an ordinary business expense...because normally people that are employed only pay 1/2 of what you do ... their companies pay the other 1/2 and the companies get to deduct it from their income so....you will too.
I would contact someone...either CurlsGalores' friend or someone one of your parents know.
Good luck!
May I ask...what exactly is the job that you are thinking about getting?